the selling price of a refrigerator is $608.75. if the markup is 25% of the dealers cost, what is the…
the selling price of a refrigerator is $608.75. if the markup is 25% of the dealers cost, what is the dealers cost of the refrigerator?
Answer
Explanation:
Step1: Let the dealer's cost be $x$.
The selling price is the dealer's cost plus the markup. The markup is 25% of the dealer's cost, so the selling price $S = x+0.25x=1.25x$.
Step2: Given that $S = 608.75$.
We have the equation $1.25x = 608.75$.
Step3: Solve for $x$.
$x=\frac{608.75}{1.25}=487$.
Answer:
$487$